Exactly How Important is Data, Really?
Big Data this, Member Data that…really? Just exactly how important is “knowing your data?”
He who owns the data wins. And by owns…I mean he who compiles, analyzes, understands and leverages the member data available to their credit union will grow faster than their peers. It is impossible not to.
Bold statement? Not really. The more any manager knows, the better their decisions. So why hasn’t every credit union hugged their data today? Maybe it is a lack of time, or talent or maybe just pure ignorance of the power of data. Who can say? Regardless of why, the lack of action on owning data has to stop. Growth is dramatically (and I mean big-time) easier with information.
Information begets knowledge. Big phrase huh? And once you understand what this intelligence reveals, you will naturally act on it to improve cross-sales, loyalty, satisfaction, efficiency and more – unless of course, you ignore it. Gathering and leveraging data for cross-sales, etc. is what the big boys do. Yet this is totally a scalable proposition. That means every credit union can enjoy the benefits, without paying a gazillion dollars. This knowledge will make your investment in marketing and sales have the impact it should (and be completely measurable). Who doesn’t want this?
When you really examine the cool member data held by your loan and deposit systems, bill pay and 3rd party providers (Credit Cards, Insurance, etc,), transactional activity and profitability – and combine it into one database for analysis…fuggetaboudit. Opportunities leap from the data. Risks too.
Want to get crazy? Add detailed product level market data and competition specific intel around every one of your branches. Talk about blowing your mind?! This kind of answers the question, “How can you leverage your marketing and sales efforts to positively impact your market and your membership?” It is in the data, folks.
Now let’s blow the cover off the ball. There is a great deal more data out there, like mobile transactions or social media touch points. Data is data. The sky is the limit. And your Credit Union needs someone on your staff (or on retainer) – who understands how to harness, organize and then make sense of all of this free flowing data. And maybe most importantly – they need to help you do something with what you learn.
He who owns the data wins. Growth for the informed is a sure thing. So is data important? You tell me.
